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Siemens AG is currently trading at 113.41 -higher by 5.01% as compared to the previous closing price. The German conglomerate’s stocks rose today after it posted a 20% rise in industrial operating profit.
The company reported its fourth-quarter earnings report earlier today. Operating profit for the fourth-quarter came in at 2.64 billion euros beating the analyst expectations of 2.33 billion euros.
The German conglomerate showed a cautious tone for 2020, due to weakening in the global economy and a slowdown in its short-cycle automotive and machinery products.
The revenue grew by 8% year-on-year basis for the fourth quarter and came in at 24.5 billion euros while orders rose by 4%.
The company was benefitted from high demand in its smart infrastructure business and Siemens healthineers which make medical equipment.
Siemens’s flagship digital industries business saw slower growth in revenue due to weaker demand for factory automation and motion controllers.
After an upbeat performance in 2019 the company expects total revenue growth of 3-5% during the 2020 financial year
The company officials said that the company is expecting to declare its success for a 50% reduction in CO2 by the next fiscal year.
On the technical front, the RSI is currently at 81.07% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the upper band of the Bollinger Bands and is heading upwards.
TRADE SUGGESTION- LIMIT BUY AT 113.30 TAKE PROFIT AT 114.30 STOP LOSS AT 112.80